XMR, XTZ and BAT: These Altcoins are Making the Biggest Moves on Wednesday
The cryptocurrency markets pivoted higher midweek, led by an unlikely combination of privacy coins and small-caps, signaling the continuation of the broad rally that began in February. At the time of writing, Monero (XMR), Tezos (XTZ) and Basic Attention Token (BAT) had the biggest influence on the rising market cap.
The privacy-focused Monero cryptocurrency climbed nearly 5% to $68.00, where it was testing six-day highs, according to CoinMarketCap. XMR has gradually picked up the pace over the past month, having added more than a quarter to its value during that stretch.
XMR received a boost last month after Satoshi Labs, the creator of the Trezor hardware wallet, announced it will soon integrate the privacy coin in its Model T device. Beyond the news, XMR has benefited from the market’s general uptrend since February.
Long-term, Monero offers plenty of reasons to be bullish. Not only is it extremely undervalued based on multiple individual assessments by the likes of Satis Group and others, Monero is most likely to benefit from the growth of offshore deposits and the increasing role of cryptocurrencies in protecting private wealth. Read more about these trends: The Long-Term Bullish Case for Monero (XMR).
The meteoric rise of XTZ continued on Wednesday, as the no. 16 cryptocurrency reached its highest level in more than five months. XTZ surged more than 12% to $1.22, extending a month-long bullish streak that has added 145% to the coin’s value.
Tezos has surged through the crypto market rankings this year, having easily outpaced the vast majority of its peers. It now has a market capitalization of nearly $800 million, with reported trade volumes hovering just north of $6.2 million.
The platform for smart contracts and decentralized applications likely still has room to grow as market participants look to capitalize on the network’s “baking model.” For Tezos, “baking” is a proof of stake consensus method that allows users to receive rewards for keeping the chain functioning. Coinbase recently announced that its institutional platform, Coinbase Pro, has enabled the “baking” process. Read more: Tezos (XTZ) Re-Tests Yearly Highs as Baking Business Heats Up.
Basic Attention Token (BAT)
Basic Attention Token’s climb through the crypto market rankings has intensified in recent months, as investors rallied behind a platform that is promising to shake up the digital advertising arena. Since the beginning of the year, BAT has climbed from 34th spot to 24th position on the crypto market rankings with a total value of just over $408 million.
On Wednesday, BAT jumped 6% to $0.3265, the highest since last July. Trade volumes have increased sharply over the past week, with the bulk of the activity taking place on just four venues: ZB.com, IDCM, Binance and LATOKEN.
Basic Attention Token has been the recipient of positive speculation linking it to the forthcoming Samsung Galaxy S10. The technology giant later confirmed that the new model smartphone will come with a built-in crypto wallet that supports Ethereum and hundreds of ERC-20 tokens, including BAT. Since Samsung is rarely on the wrong side of history when it comes to technology, its newfound support of cryptocurrencies is a strong indicator of the market’s staying power.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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